Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The Company's common stock is traded on the Nasdaq Global Select Market ("Nasdaq") under the symbol CVCO.
As of May 14, 2025, the Company had 420 stockholders of record and approximately 44,470 beneficial holders of its common stock, based upon information in securities position listings by registered clearing agencies upon request of the Company's transfer agent.
In the past two fiscal years, we have not paid any dividends on the Company's common stock. The payment of dividends to Company stockholders is subject to the discretion of the Board, and various factors may prevent us from paying dividends. Such factors include Company cash requirements, covenants of our amended and restated credit agreement dated November 12, 2024, by and among the Company, Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer, and the guarantors party thereto (the "Credit Agreement"), and liquidity or other requirements of state, corporate and other laws.
Issuer Purchases of Equity Securities
As announced on February 1, 2024, October 31, 2024, and May 22, 2025 the Board approved $100 million, $100 million, $150 million for the stock repurchase program, respectively, under the same terms as previous plans. The repurchase programs are funded using our available cash. The repurchases may be made in the open market or in privately negotiated transactions in compliance with applicable state and federal securities laws and other legal requirements. The level of repurchase activity is subject to market conditions and other investment opportunities. The repurchase programs do not obligate us to acquire any particular amount of common stock and may be suspended or discontinued at any time. Share repurchase activity during the three months ended March 29, 2025 was as follows:
Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of the Publicly Announced Programs 1 Approximate Dollar Value of Shares That May Yet Be Purchased Under the Programs
($000s)
December 29, 2024 to
February 1, 2025 66,500 $ 456.31 66,500 $ 80,653
February 2, 2025 to
March 1, 2025 — — — 80,653
March 2, 2025 to
March 29, 2025 5,800 498.44 5,800 77,762
72,300 72,300
1 The stock repurchase plan announced on February 1, 2024 approved $100 million stock. There are no funds remaining as of March 29, 2025 from this approval. The stock repurchase plan announced on October 31, 2024 approved $100 million stock. The stock repurchase plan announced on May 22, 2025 approved $150 million stock. None of the plans have expiration dates.
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Performance Graph
The following graph compares the yearly percentage change in the cumulative total stockholder return on Cavco common stock during the five fiscal years ended March 29, 2025, with that of the Nasdaq Composite Index and the iShares U.S. Home Construction ETF. The comparison assumes $100 (with reinvestment of all dividends) was invested on March 28, 2020, in Cavco common stock and in each of the foregoing indices.
CAVCO INDUSTRIES, INC.
3/28/2020 4/3/2021 4/2/2022 4/1/2023 3/30/2024 3/29/2025
Cavco Industries, Inc. $ 100 $ 157 $ 164 $ 214 $ 269 $ 350
Nasdaq Composite Index $ 100 $ 180 $ 190 $ 163 $ 218 $ 231
iShares U.S. Home Construction ETF $ 100 $ 228 $ 198 $ 235 $ 386 $ 315
ITEM 6. [RESERVED]
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